Jio Platforms opens India’s largest IPO for public bidding today, October 21, seeking ₹30,213 crore at the top of its price band. The ₹8,110 crore anchor book drew bids above ₹2.5 trillion from global and domestic institutions.
Jio Platforms IPO Dates, Price Band and Lot Size
Jio Platforms Ltd, the Reliance Industries subsidiary that houses the group’s telecom and digital businesses, opens its initial public offering on Wednesday, October 21. Bidding closes on Friday, October 23. The issue is a fresh issue only, so the money raised goes to the company and not to selling shareholders.
| Detail | Jio Platforms IPO |
| Bidding window | October 21 to October 23, 2026 |
| Price band | ₹1,065 to ₹1,119 per share |
| Fresh issue | Up to 27 crore equity shares |
| Issue size at upper band | ₹30,213 crore |
| Minimum bid | 12 shares, or ₹13,428 at the upper band |
| Employee discount | ₹54 per share |
| Expected listing date | October 28, 2026 |
| Implied valuation at upper band | About ₹10.3 trillion |
At the upper band, the offer would be larger than Hyundai Motor India’s ₹27,870 crore IPO of October 2024 and LIC’s ₹21,008 crore issue of May 2022, which were India’s two biggest public offerings so far.
How the ₹8,110 Crore Anchor Book Was Allocated
Jio Platforms allocated 72.4 million shares to anchor investors at ₹1,119 per share, the top of the band, after the anchor round on Monday, October 19. Bankers told Business Standard that institutional bids crossed ₹2.5 trillion, more than 30 times the anchor portion. The largest allocations, as described by people familiar with the process, were:
- LIC of India: ₹500 crore, or 6.17% of the anchor book
- New World Fund (Capital Group): ₹486.2 crore, or 6%
- Government of Singapore: nearly ₹341 crore, or 4.2%
- SBI Focused Fund: 3.88%
- BNP Paribas ODI: 3.74%
- Fidelity Contra Fund: 2.39%
- EUPAC Fund: 1.93%
Abu Dhabi Investment Authority, which already owns 1.16% of Jio Platforms, was the only existing investor to seek more shares in the open market. Two of its entities were allocated 2.96% of the anchor book, worth ₹239 crore.
What Anchor Demand Does and Does Not Tell Investors
Apurva Sheth, head of research at Samco Securities, pointed out that the ₹2.5 trillion figure reflects indicative bids and not committed capital. In his view, the more useful signal is the investor mix. LIC, private insurers and pension funds anchor the domestic side, while global allocations are being driven by expected inclusion in MSCI, FTSE and Nifty indices at a market capitalisation of about ₹10.3 trillion.
Abhay Agarwal, founder and fund manager at Piper Serica, said a company of this size works as an India proxy, so mutual funds that benchmark to the Nifty 50 are likely to want it in their portfolios. That is an analyst’s expectation and not a confirmed outcome.
Retail investors can bid up to ₹2 lakh at the cut-off price, which is the upper end of the band at ₹1,119. Anchor demand does not decide the public subscription numbers, which will only be known once bidding closes on October 23.
The Business Behind the ₹10.3 Trillion Valuation
Jio Platforms reported revenue of ₹1,09,558 crore and profit of ₹21,423 crore in FY24. By FY26, revenue had reached about ₹1.47 trillion, which Emkay Global describes as a compound annual growth rate of 15.8% over FY24 to FY26. Reliance Jio Infocomm, the telecom business housed within Jio Platforms, has more than 533 million subscribers, and its networks carried more than 60% of India’s wireless data traffic in FY26, according to Business Standard.
According to the offer document as reported by TechCrunch, Jio Platforms plans to use up to ₹27,500 crore of the proceeds to repay debt at Reliance Jio Infocomm. The rest is earmarked for general corporate purposes.
Also Read: Zetwerk IPO Closes Today: ₹5,012 Crore Issue at ₹143-151, 31% Subscribed After Day 2
Who Owns Jio Platforms Before the Offer
Reliance Industries holds 66.43% of Jio Platforms, and the parent company’s own market capitalisation is ₹16.28 trillion. Meta, Google, KKR, Silver Lake, General Atlantic and other investors put in about $20 billion in 2020, and together they hold 30.89% today.
- Reliance Industries: 66.43%
- Meta: 9.98%
- Google: 7.73%
- Other 2020 investors, including KKR, Silver Lake and General Atlantic: the remainder of the 30.89% held by that group
Because the offer is entirely fresh shares, no existing shareholder is selling in this IPO. The final issue price, allotment and listing performance are still to be determined, with listing on NSE and BSE expected on October 28.
